Does bankruptcy stop foreclosure – we have the answers!

When facing a foreclosure you have some options that can help you to keep your home. Bankruptcy is a tool that can help in a time of need just like an emergency like foreclosure.

If you are facing foreclosure, bankruptcy might be able to help. In many cases, filing Chapter 7 bankruptcy can delay the foreclosure by a number of months. Some people may be able to save their home by filing for Chapter 13 bankruptcy.

The foreclosure process begins when the lender files a notice of default with the County Clerk’s office. Once this notice is filed you have 90 days to make up the past due payments. The lender, at their option my accept those payments or continue the process to take the property back. At the end of the 90 day period a date is set for the house to be sold at an auction on the court steps.

Many people will do whatever they can to stay in their home for the indefinite future. If that describes you, and you’re behind on your mortgage payments with no feasible way to get current, the only way to keep your home is to file a Chapter 13 bankruptcy.

A chapter 13 filing will allow you to take all of the back payments and include them into a re-payment plan that is stretched out over years, not months. This means that you will be able to make up your back payments, in payments! As long as you are making those back payments your house cannot be foreclosed on.

Every situation is different and most cases it takes a phone call and evaluation to see if you qualify for assistance in filing chapter 13 bankruptcy. You may even qualify to strip away your second and third mortgage payments to help alleviate the burden.

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When facing any type of burden with debt it is always a good idea to talk to a highly professional bankruptcy attorney who specializes in this type of matter. So many scams and problems with inexperienced paralegals and lawyers you need to really do your homework and find the right attorney to give you the protection you need when dealing with your assets.